Philippines Market Insights 2017.11.20

フィリピン株式ニュースハイライト

News Highlights:  Metro Pacific Investments  (MPI) plans P100bn  capex for 2018 (vs P56bn in 2017) and will register  P30bn bonds  with the Securities  & Exchange Commission (SEC). Furthermore, MPI’s Maynilad eyes 26 water projects to expand its reach.  On the economic front, The share of the national government’s debt to gross  domestic  product  (GDP)  further  declined  to 41.7%  in 3Q (vs. 2Q17’s  42.4%  and  3Q16’s  43%)  as economic  expansion  outpaced  the increase  in obligations. Triggered  by  Unioil’s  gas  rollback  of  as  much  as  P4.75/liter,  diesel  by  P3.50/liter,  the  Department  of  Energy  (DoE)  reconvened  a task  force  to  probe  the  price adjustments made by industry players

マーケットモニター

各国市場モニター

各国の株式市場動向

PHILIPPINES

Mart ends up higher on bargainhunting, PSEi @ 8,311.08: PSEi ends Friday session up 1.27% or 104.6 pts to 8,311.08.  Philippine economy expanded 7.1% in the first three months in office of President Duterte on the back of robust public infrastructure spending and private construction, and growth in agriculture. All subindices were up last friday, led by property , up by 2.12 percent, followed by holding firms,  up by 1.39 percent and industrial up by  0.88 percent. Among actively traded shares were: MER (+P3.40 at P322.00), BDO (+P0.10 at P146.20), ALI (+P1.20 at P42.75), PGOLD (‐P1.65 at P47.85), and AC (+P13.00 at P1,013.00), on 5.63bn turnover. Gainers outpaced losers, 98-­‐91, with net foreign buying at P199.55mn.

Downward  pressure  might  reverse  to  upward  trend: Mart might continue to trade higher today on  the  back  of  healthy  economic  indicators,  with  the  country’s  debt-­‐to-­‐GDP  ratio declining  to 41.7%  and  better­‐than-­expected  GDP  growth  expansion  last  Friday.  Immediate support  8,250,resistance  8,400.

ASIA

Asian  marts  gain  ground: Asian bourses were mostly up last session taking cue from Wall Street’s upbeat performance. Chinese shares likely to be in focus after a warning by state media that one of the nation’s hottest stocks was climbing too fast triggered a selloff.

WALL STREET

Shares lower: U.S. equities dropped on Friday, when the gap between two-­and 10-­year Treasury yields hit the tightest level in a decade, adding to concern about the pace of future economic growth. Volumes may be lower than average this week due to the Thanksgiving holiday in the U.S.

COMMODITIES

Crude  prices  higher  on  shutdown  of  major  pipeline:  Shutdown of major pipeline in the US & expectations for an extended curb on production lifted oil prices. West Texas Intermediate (WTI) inched up $1.41 to $56.55/barrel.

フィリピン国内各企業動向

MPI allots P100bn capex for 2018:

Metro Pacific Investments (MPI) plans P100bn capex for 2018 (vs P56bn in 2017) and will register P30bn bonds with the Securities & Exchange Commission (SEC).  Of the P30bn, P10bn will be for the initial tranche.  The P100bn will allotted for toll roads (P38bn),  Meralco  (P21bn),  rail  (P17bn),  water  (P12bn)  &  P6bn  each  for logistics & hospitals.

MPI eyes 26 water projects for expansion:

Metro Pacific Investments Corporation  (MPI)’s Maynilad  eyes 26 water projects  to expand  its reach. Of the 26, 8 are for full concession,  2 international,  11 bulk water, 1 waste treatment,  4  mixed   classification. MetroPac   Water   believes   external market is 85mn households,  versus Maynilad’s 9mn & Manila Water Company, Inc. (MWC)’s 13mn.

ABS reviews venture GLO after losses:

ABS­‐CBN  Corp. (ABS) is reviewing its mobile venture with Globe Telecom (GLO), with losses seen at P100mn for 2017 (vs P1bn initial estimate).  The service was launched 2013 with GLO providing the infrastructure & ABS pays a fee for its use.   ABS has gathered mobile subscribers  of 946,000 as of Sept.

PCOR gets approval to refinance $750mn notes:

Petron Corporation (PCOR) obtained note holders’ consent to refinance $750mn in undated subordinated capital notes issued in 2013.

CLI to develop P4bn mixeduse  project in Davao City:

Cebu Landmasters Inc. (CLI) plans to develop a P4bn mixed-­‐use project in Davao City, which would include an international‐branded hotel (Ascott Ltd.), convention facilities, four residential towers and a “boutique” retail podium.

Dennis Uy acquires 177­‐ha property in Clark:

Dennis Uy’s Udenna Group, owner of listed companies Chelsea Logistics Holdings Corp. (CLC) and Phoenix  Petroleum  Philippines,  Inc.  (PNX),  announced  its  strategic expansion  of a 177-­ha property in the Clark Freeport Zone after buying out Global  Gateway  Development  Corp.  The  property  would  be renamed  to Clark  Global  City,  with  locators  to  enjoy  tax  benefits  from  the  Freeport Zone  and  anchor  projects  such  as  Medical  City.  It  will  have  more  than 52,000 square meters of office spaces, ready for occupancy.

BSC signs non­‐binding term sheet w/ Thai firm:

Basic Energy Corporation (BSC) signed a non­‐binding term sheet with VEPC of Thailand, for the possible purchase of 12.5% equity.  VEPC’s units have been awarded the engineering, procurement & construction (EPC) contract of a solar farm in Myanmar.

MRC signs MoU with CEEC:

MRC Allied, Inc. (MRC) signed a memorandum of understanding (MoU) with China Energy Engineering Corp. Ltd. (CEEC) to explore the possibility of venturing into LNG in the Phils.

フィリピン経済指標

DoE reconvenes  task force on oil prices:

Triggered  by Unioil’s gas rollback of as much as P4.75/liter, diesel by P3.50/liter, the Department of Energy (DoE) reconvened a task force to probe the price adjustments made by industry players

DoE sets new standards for automotive diesel:

The DoE issued new standards  for  automotive  diesel  oil  to  further  improve  fuel  quality  and lessen  its  impact  on  the  environment.   Specifically,   the  new  Philippine National   Standard    (PNS)   for   automotive    diesel   oil   contains   revised technical provisions to upgrade fuel quality requirement, such as reduced sulfur content limit in compliance with Euro­‐4 emission standard, and test methods for more accurate evaluation of fuel quality.

Gov’t readies $200mn panda bonds:

The Philippine government prepares its 27-­‐Nov launch of $200mn renminbi‐denominated panda bonds that will be  exempt  from  documentary  stamp  tax  (DST).    Underwriter  is Bank  of China.

PH debt­‐to­‐GDP  down to 41.7%:

The share of the national  government’s debt to gross domestic product (GDP) further declined to 41.7% in 3Q (vs.2Q17’s  42.4%  and  3Q16’s  43%)  as  economic expansion outpaced the increase in obligations.

BPO & gaming firms boost demand for office space:

Business process outsourcing   (BPO)  firms  and  online  gaming   companies   are  driving   up demand  for office  space  in Metro  Manila,  leading  to record  growth  and high  occupancy  rates,  as per JLL, a leading  property  consulting  firm.  The BPO industry still accounts for bulk at 80%­‐90% of office demand.

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